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Another Nifty Fifty's official admits to skimming profits in tax scheme

An accountant for throwback restaurant chain Nifty Fifty's admitted Monday to skimming hundreds of thousands of dollars in profits from the company and helping its owners cheat the IRS.

An accountant for throwback restaurant chain Nifty Fifty's admitted Monday to skimming hundreds of thousands of dollars in profits from the company and helping its owners cheat the IRS.

William J. Frio, 58, pleaded guilty to federal counts including conspiracy and filing false tax returns, making him the sixth person tied to the '50s-themed dining spots convicted in the tax evasion scheme.

Prosecutors say Frio helped Nifty Fifty's owners conceal more than $15.6 million from the IRS between 2006 and 2010, evading employment and personal tax payments of more than $2.2 million. He also admitted to lying about his income on a 2008 mortgage applications, filing false personal tax returns, and using his role with the restaurant to embezzle hundreds of thousands of dollars from the organization.

Nifty Fifty's operates five restaurant locations in suburban Philadelphia and New Jersey. - Jeremy Roebuck